On average, Toronto condos appreciate by $174.00 per day.
If you’re one of those “condo bubble is about to burst” people, GIVE YOUR HEAD A SHAKE RIGHT NOW!!
It’s not going to happen.
The Toronto Real Estate board announced the fourth quarter sales of Toronto condominium apartments. Sales were up in the fourth quarter by 22.3% and new listings were down by 13.4% compared to last year.
In short, more people buying and fewer places to buy.
If you own a condo, you’re making money. After a sluggish growth period from about 2012-2015, you’re finally making big returns. Congrats!!
The struggle continues for buyers. The cost of home ownership keeps climbing and there is no end in sight.
If you’re a glass half full person (like me) then you can look at it this way: At least you’re purchasing an appreciating asset which will continue to appreciate considerably for the short term at least.
TREB President Larry Cerqua had this to say:
“Gone are the days when we were concerned about a potential glut in inventory in the condominium apartment market. The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment. Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation.”
Don’t overthink it. It’s painful to watch the market climb out of reach for a young couple who have been waiting for the perfect house. The look on their face when they realize the neighbourhood or building they could afford 6 months ago is now unattainable is gut wrenching. I wish it on nobody.
What makes theses places homes are the memories you make in them. Find something you like in a neighbourhood you LOVE and you can’t go wrong. The worst thing that’s going to happen is you decide to move in 5 years…… with MUCH MORE MONEY than you have right now.
Grab ahold! 2017 is going to be a wild ride.